In the digital asset arena, there is excitement about a possible Bitcoin rebound after a prominent cryptocurrency market analyst predicted that, under certain conditions, the price of Bitcoin might reach $150K in Q4.
A prominent cryptocurrency market expert recently made a hint about a $150K Bitcoin (BTC) price increase, which gave the market more confidence. The forecast was made after Bitcoin dropped below $61,000, indicating a significant decrease in the midst of a wider market slump. Nevertheless, there are some requirements attached to this optimistic prediction, which have also drawn significant interest from market players.
Analyst predicts Bitcoin price to hit $150K
Renowned cryptocurrency market expert Bob Loukas recently provided an optimistic forecast for the price of Bitcoin. He thinks that during the current bull cycle, the top cryptocurrency might reach $150,000.
The remarks made by Loukas coincide with a period of turmoil for Bitcoin, which saw a steep fall coupled with a general market collapse. In addition, market players are preparing for the possibility of an impending crypto market meltdown. In spite of this, Loukas is still optimistic that Bitcoin will see a sharp increase in price.
In the meanwhile, Loukas identified a particular trend in the four-year cycles of Bitcoin prices. He claims that the present cycle of Bitcoin is nearing the end of its second year and is likely to enter its third, which is often characterized by notable price increases. He underlined that throughout the previous eight months, Bitcoin has established a strong price foundation, which has reset market mood.
Furthermore, he stated that lowering interest rates increases the likelihood of a significant upswing. His research also shows that this prediction is consistent with Bitcoin’s past price behavior, which boosts investor confidence.
What’s next for BTC?
Experts in the cryptocurrency business have been expressing similar optimism about the price of Bitcoin. For example, seasoned cryptocurrency trader Peter Brandt just released an analysis predicting a BTC surge to $135K, which has generated a lot of conversation in the market.
However, Bitwise CIO Matt Hougan pointed out that Bitcoin can reach $80K within the current quarter. He listed a number of factors that might encourage the BTC surge in the next few days, including the approaching US Presidential election and the Fed rate decrease.
Furthermore, well-known expert Burak Kesmeci was recently quoted by CryptoQuant, stating that BTC needed surpass the temporary $64.5K barrier in order to show additional advances. Furthermore, he cautioned that a decline in cryptocurrency to $61.6K might feed the gloomy trend even further.
When this article was written, the price of bitcoin was down 2.3% to $60,975, while its trading volume was up 1.6% to $27.71 billion. The cryptocurrency has had a 24-hour high of $62,407.46 and a low of $60,314.22, demonstrating the market’s volatility.
$1.3B in Ethereum (ETH) from PlusToken Ponzi could hit market soon
Ethereum (ETH), which is connected to the infamous PlusToken Ponzi scheme, is expected to be included to cryptocurrency exchanges in the future. Actually, a little percentage has already been transmitted to cryptocurrency exchanges, maybe for cash out.
The price of ETH has dropped from its Wednesday highs by almost 4% as a result of this event. It is selling at about $2,400 as of this writing.
$1.3B in ETH potentially up for sale
Of the 542,000 ETH (worth $1.3 billion) taken from PlusToken, FreeSamourai noted that about 7,000 ETH had made way to exchanges including BitGet, Binance, and OKX.
Between 2018 and 2019, the PlusToken fraud—a Ponzi scheme akin to BitConnect—became well-known in China. There were 2.6 million participants in this Ponzi scam. When it was finally taken down, authorities confiscated enormous quantities of cryptocurrency, including over 833,000 Ethereum (ETH) and over 194,000 Bitcoin (BTC).
According to a 2020 court filing, authorities reported giving Zhifan Technology Beijing the confiscated assets to liquidate, with the money meant to be reimbursed. It was then thought that administrators had liquidated some of the ETH, leaving 542,000 ETH, and sold the BTC on exchanges.
EmberCN noted that this ETH moved for the first time since 2021 at the beginning of August.
Yesterday, 15.7k ETH was transferred out of these last known addresses, reentering a similar attempted mixing process used in 2020 and 2021.
Of the 15.7k ETH, just over 7k ETH was sent to a handful of exchange deposit addresses. pic.twitter.com/K5LF6jODqM
— ∴FreeSamourai∴ (@ErgoBTC) October 9, 2024
Although it hasn’t yet hit exchanges, FreeSamourai revealed on October 9 that an additional 15,700 ETH was transferring from a monitored wallet. This action could point to an impending sale of the remaining ETH, according to FreeSamourai.
“Given the recent effort to re-obfuscate the ETH it is unlikely that the active distribution of the 15,700 ETH moved yesterday is the last of the 540,000 ETH supply distribution.” FreeSamourai said.
Investor fears are frequently sparked by news of possible sell pressure from major corporations. Following the German government’s $3 billion Bitcoin liquidation in July, the price of BTC fell from $65,600 to $57,800. The US Supreme Court just approved the sale of 69,370 Bitcoin that were taken from Silk Road.
The impact of the possible $1.3 billion sell pressure on ETH continues to be a source of anxiety for the cryptocurrency community.
This is why we cant have nice things.
Potentially $1.3b sell pressure on $ETH from PlusToken
Potentially $4b sell pressure on $BTC from the US Gov’s silk road sales. Sadge. https://t.co/DZsiG9hhZl— CryptoCondom (@crypto_condom) October 9, 2024
Trump crypto project proposes Aave link in governance proposal
World Liberty Financial, a cryptocurrency company funded by Donald Trump, wishes to operate as an instance on the DeFi protocol Aave.
World Liberty Financial, the cryptocurrency venture of Donald Trump, has confirmed that it would be developed on the decentralized finance (DeFi) platform by submitting a governance proposal to Aave.
World Liberty Financial stated in the proposal dated October 9 that it intends to introduce its service as an Aave v3 instance on the Ethereum mainnet, using the protocol as the platform’s back end.
It floated with 20% of the fees it produces and 7% of the supply of the platform’s governance token, WLFI, going to AaveDAO, a group of Aave (AAVE) tokenholders supervising the protocol.
🧵 1/5 We’re excited to announce that World Liberty Financial has officially posted our governance proposal to Aave’s forum to launch an Aave V3 instance on Ethereum Mainnet! 📜 Check it out here: https://t.co/CQRrBqDIVv
— WLFI (@worldlibertyfi) October 9, 2024
Operating as an Aave instance, according to the initiative funded by Donald Trump, will increase Aave’s user base and improve liquidity for the stablecoins it intends to host, Ethereum (ETH) and Wrapped Bitcoin.
According to the plan, World Liberty Financial would accept deposits in WBTC and Ether in addition to the stablecoins Tether and USD Coin, at least initially.
Additionally, the project has suggested setting up the income split using a trustless smart contract and the same reserve factor mechanism as the primary Aave instance.
Members of AaveDAO can now debate the idea before casting their votes. The World Liberty Financial platform’s token holders, or WLFIs, will also need to individually endorse the plan.
World Liberty Financial stated in an Oct. 9 X post that the plan “aligns perfectly” to produce a DeFi user experience that is simple to use.
It also stated that it intends to extend to the Ethereum layer 2 blockchain Scroll if the Aave connection is successful.
4/5 Next Steps: Scroll
Subject to WLFI governance approval, WLFI will also build on @Scroll_ZKP ZK L2, offering extremely low transaction fees and high throughput. This makes DeFi more affordable and accessible, allowing retail users to experience a seamless DeFi platform.— WLFI (@worldlibertyfi) October 9, 2024
The platform’s complete set of features has gradually been made public. Trump has already made a number of cryptic comments on World Liberty Financial, and the project has implied that it wishes to expand the use of stablecoins linked to the US dollar.
It was anticipated that Trump, together with his sons Eric and Donald Trump Jr., would divulge all the information on his family’s cryptocurrency venture during an X webcast last month.
But throughout the 45-minute speech, which took place the day after he was the victim of a second attempt on his life in Florida, he seldom mentioned cryptocurrency and made no mention of the initiative.
Subsequently, the World Liberty Financial team disclosed information on their WLFI cryptocurrency.
According to a white paper that was leaked, the project would let users create digital wallets, provide credit accounts, lend or borrow money, and utilize tokens to invest in cryptocurrency and other assets.
It further stated that four individuals who assisted in the development of the DeFi protocol would be employed by the platform, which would be open source and offer a loan and borrowing service akin to Dough Finance.
Following a flash loan assault in July, Dough Finance lost $1.8 million.
